1858-O $20 MS62 NGC. One of the finest specimens of this
rare New Orleans issue, this coin should challenge the MS62 NGC
example from the S.S. Republic for third place on Doug
Winter's list of Significant Pieces Known. The only coins with
claims to a higher position are the MS62 PCGS coin from the Harry
Bass Collection and another example from the S.S. Republic,
the MS63 NGC specimen that sold for $135,000 in a private sale in
2004. Of the other three coins mentioned above, only the Bass
example has previously been offered at auction, underscoring the
importance of this offering.
The New Orleans Mint struck only 35,250 double eagles in 1858, and
the issue circulated widely, leaving few high-grade examples
available for collectors today. Doug Winter estimates a surviving
population of 150-175 examples in all grades, with six or seven
specimens extant in Mint State. The neglect of the mintmarked
double eagles of the 19th century is a familiar tale by now. Few
collectors were interested in collecting mintmarked issues in
general, and double eagles in particular, before the 1930s. Demand
for the 1858-O, and other New Orleans double eagles, increased
after the Gold Recall of 1933 because collectors like Louis
Eliasberg and Charles W. Green realized collecting
large-denomination gold coins was a legal way to invest in gold
during the period.
An early appearance of the 1858-O was in the Sloan, Lenz and Other
Collections (Thomas Elder, 1/1936), lot 3061, "1858. $20. O. Mint.
Fine and rare." Other appearances followed, with most offerings
consisting of low-grade circulated examples, down to the present
day.
The present coin is an exciting MS62 specimen, with greenish-gold,
prooflike surfaces. Winter lists only a single die variety for the
date, but this specimen displays a prominent die break on the
reverse, between U and N in UNITED, so another reverse die may turn
up someday. The strike is especially sharp for an O-mint issue,
with just the slightest softness showing on stars 1 and 2. Only
minor abrasions are evident on this piece, an important distinction
since most examples are heavily bagmarked. The opportunity to
acquire a comparable specimen of this rare double eagle may not
recur for years. We expect this coin to find a home in one of the
finest collections of Type One double eagles. Census: 1 in 62, 1
finer (11/10).(Registry
values: N1) (NGC ID# 2698, PCGS# 8924)